Novanta (NASDAQ:NOVT) Sets New 12-Month Low – Here’s Why

Novanta Inc. (NASDAQ:NOVT)’s share price reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $143.00 and last traded at $143.82, with a volume of 7057 shares traded. The stock had previously closed at $146.53.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird cut their price objective on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a research report on Wednesday, November 6th.

Novanta Trading Up 0.0 %

The stock has a market capitalization of $5.26 billion, a price-to-earnings ratio of 87.75 and a beta of 1.28. The company’s 50-day moving average is $153.77 and its 200-day moving average is $166.74. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61.

Institutional Investors Weigh In On Novanta

Several hedge funds and other institutional investors have recently bought and sold shares of NOVT. Vanguard Group Inc. raised its holdings in shares of Novanta by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company’s stock valued at $629,997,000 after buying an additional 62,585 shares during the period. Conestoga Capital Advisors LLC grew its position in Novanta by 1.6% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,350,651 shares of the technology company’s stock valued at $241,658,000 after acquiring an additional 20,825 shares in the last quarter. State Street Corp increased its stake in Novanta by 2.0% during the third quarter. State Street Corp now owns 1,298,419 shares of the technology company’s stock worth $232,313,000 after purchasing an additional 24,929 shares during the period. William Blair Investment Management LLC boosted its stake in shares of Novanta by 1.2% in the fourth quarter. William Blair Investment Management LLC now owns 975,841 shares of the technology company’s stock valued at $149,079,000 after purchasing an additional 11,361 shares during the period. Finally, Geneva Capital Management LLC grew its holdings in shares of Novanta by 9.3% in the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company’s stock valued at $130,257,000 after purchasing an additional 72,592 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Company Profile

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.